ECOSPHERE + LIMITED

ECOSPHERE + LIMITED - Company Information

2023-01-012023-12-312023-12-31false10402522ECOSPHERE + LIMITED2024-04-02iso4217:GBPxbrli:pure104025222023-01-01104025222023-12-31104025222023-01-012023-12-31104025222022-01-01104025222022-12-31104025222022-01-012022-12-3110402522bus:SmallEntities2023-01-012023-12-3110402522bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3110402522bus:FullAccounts2023-01-012023-12-3110402522bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110402522core:WithinOneYear2023-12-3110402522core:AfterOneYear2023-12-3110402522core:WithinOneYear2022-12-3110402522core:AfterOneYear2022-12-3110402522core:ShareCapital2023-12-3110402522core:SharePremium2023-12-3110402522core:RevaluationReserve2023-12-3110402522core:OtherReservesSubtotal2023-12-3110402522core:RetainedEarningsAccumulatedLosses2023-12-3110402522core:ShareCapital2022-12-3110402522core:SharePremium2022-12-3110402522core:RevaluationReserve2022-12-3110402522core:OtherReservesSubtotal2022-12-3110402522core:RetainedEarningsAccumulatedLosses2022-12-3110402522core:LandBuildings2023-12-3110402522core:PlantMachinery2023-12-3110402522core:Vehicles2023-12-3110402522core:FurnitureFittings2023-12-3110402522core:OfficeEquipment2023-12-3110402522core:NetGoodwill2023-12-3110402522core:IntangibleAssetsOtherThanGoodwill2023-12-3110402522core:ListedExchangeTraded2023-12-3110402522core:UnlistedNon-exchangeTraded2023-12-3110402522core:LandBuildings2022-12-3110402522core:PlantMachinery2022-12-3110402522core:Vehicles2022-12-3110402522core:FurnitureFittings2022-12-3110402522core:OfficeEquipment2022-12-3110402522core:NetGoodwill2022-12-3110402522core:IntangibleAssetsOtherThanGoodwill2022-12-3110402522core:ListedExchangeTraded2022-12-3110402522core:UnlistedNon-exchangeTraded2022-12-3110402522core:LandBuildings2023-01-012023-12-3110402522core:PlantMachinery2023-01-012023-12-3110402522core:Vehicles2023-01-012023-12-3110402522core:FurnitureFittings2023-01-012023-12-3110402522core:OfficeEquipment2023-01-012023-12-3110402522core:NetGoodwill2023-01-012023-12-3110402522core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110402522core:ListedExchangeTraded2023-01-012023-12-3110402522core:UnlistedNon-exchangeTraded2023-01-012023-12-3110402522core:MoreThanFiveYears2023-01-012023-12-3110402522core:Non-currentFinancialInstruments2023-12-3110402522core:Non-currentFinancialInstruments2022-12-3110402522dpl:CostSales2023-01-012023-12-3110402522dpl:DistributionCosts2023-01-012023-12-3110402522core:LandBuildings2023-01-012023-12-3110402522core:PlantMachinery2023-01-012023-12-3110402522core:Vehicles2023-01-012023-12-3110402522core:FurnitureFittings2023-01-012023-12-3110402522core:OfficeEquipment2023-01-012023-12-3110402522dpl:AdministrativeExpenses2023-01-012023-12-3110402522core:NetGoodwill2023-01-012023-12-3110402522core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110402522dpl:GroupUndertakings2023-01-012023-12-3110402522dpl:ParticipatingInterests2023-01-012023-12-3110402522dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3110402522core:ListedExchangeTraded2023-01-012023-12-3110402522dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3110402522core:UnlistedNon-exchangeTraded2023-01-012023-12-3110402522dpl:CostSales2022-01-012022-12-3110402522dpl:DistributionCosts2022-01-012022-12-3110402522core:LandBuildings2022-01-012022-12-3110402522core:PlantMachinery2022-01-012022-12-3110402522core:Vehicles2022-01-012022-12-3110402522core:FurnitureFittings2022-01-012022-12-3110402522core:OfficeEquipment2022-01-012022-12-3110402522dpl:AdministrativeExpenses2022-01-012022-12-3110402522core:NetGoodwill2022-01-012022-12-3110402522core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110402522dpl:GroupUndertakings2022-01-012022-12-3110402522dpl:ParticipatingInterests2022-01-012022-12-3110402522dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3110402522core:ListedExchangeTraded2022-01-012022-12-3110402522dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3110402522core:UnlistedNon-exchangeTraded2022-01-012022-12-3110402522core:NetGoodwill2023-12-3110402522core:IntangibleAssetsOtherThanGoodwill2023-12-3110402522core:LandBuildings2023-12-3110402522core:PlantMachinery2023-12-3110402522core:Vehicles2023-12-3110402522core:FurnitureFittings2023-12-3110402522core:OfficeEquipment2023-12-3110402522core:AfterOneYear2023-12-3110402522core:WithinOneYear2023-12-3110402522core:ListedExchangeTraded2023-12-3110402522core:UnlistedNon-exchangeTraded2023-12-3110402522core:ShareCapital2023-12-3110402522core:SharePremium2023-12-3110402522core:RevaluationReserve2023-12-3110402522core:OtherReservesSubtotal2023-12-3110402522core:RetainedEarningsAccumulatedLosses2023-12-3110402522core:NetGoodwill2022-12-3110402522core:IntangibleAssetsOtherThanGoodwill2022-12-3110402522core:LandBuildings2022-12-3110402522core:PlantMachinery2022-12-3110402522core:Vehicles2022-12-3110402522core:FurnitureFittings2022-12-3110402522core:OfficeEquipment2022-12-3110402522core:AfterOneYear2022-12-3110402522core:WithinOneYear2022-12-3110402522core:ListedExch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ECOSPHERE + LIMITED

Registered Number
10402522
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ECOSPHERE + LIMITED

Company Information
for the year from 1 January 2023 to 31 December 2023


Directors	HOBLEY, Lisa Clare
	MAGLIULO, Valerio


Registered Address	The Leather Market
	Unit Lm8.1.1, 11-13 Weston Street
	London
	SE1 3ER


Registered Number	10402522 (England and Wales)

ECOSPHERE + LIMITED

Statement of Financial Position
31 December 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		2,241		5,603
			2,241		5,603
Current assets
Stocks	4	1,758,582		271,231
Debtors		796,736		1,315,768
Cash at bank and on hand		594,672		2,767,943
		3,149,990		4,354,942
Creditors amounts falling due within one year	6	(1,959,754)		(3,123,201)
Net current assets (liabilities)			1,190,236		1,231,741
Total assets less current liabilities			1,192,477		1,237,344
Net assets			1,192,477		1,237,344
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,192,377		1,237,244
Shareholders' funds			1,192,477		1,237,344

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 2 April 2024, and are signed on its behalf by:

MAGLIULO, Valerio
Director
Registered Company No. 10402522

ECOSPHERE + LIMITED

Notes to the Financial Statements
for the year ended 31 December 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention.

	Functional and presentation currency
	The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.

	Turnover policy
	Turnover reflects the revenue earned by the company during the period from its principal activity; the sale of carbon offset credits and the provision of carbon reduction consultancy services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the risk and rewards of ownership have been transferred to the buyer.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Contract revenue invoiced before the rendering of services has been achieved is recognised in the statement of financial position as deferred income, and is subsequently amortised to revenue over the period of the contract based on the completion of performance obligations under the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.

Revenue from rendering of services

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Contract revenue invoiced before the rendering of services has been achieved is recognised in the statement of financial position as deferred income, and is subsequently amortised to revenue over the period of the contract based on the completion of performance obligations under the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised in the income statement, as expenses, as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised in the income statement, as expenses, as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

	Current taxation
	Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

Current taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets and depreciation

Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


		Straight line (years)
	Office Equipment	3

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.	Average number of employees


		2023		2022
	Average number of employees during the year	3		5

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 23	29,220	29,220
At 31 December 23	29,220	29,220
Depreciation and impairment
At 01 January 23	23,617	23,617
Charge for year	3,362	3,362
At 31 December 23	26,979	26,979
Net book value
At 31 December 23	2,241	2,241
At 31 December 22	5,603	5,603

4.	Stocks

	2023	2022
	£	£
Other stocks	1,758,582	271,231
Total	1,758,582	271,231

5.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	787,395	615,339
Amounts owed by group undertakings	2,519	-
Other debtors	-	686,948
Prepayments and accrued income	6,822	13,481
Total	796,736	1,315,768

6.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	805,053	21,819
Bank borrowings and overdrafts	-	993,237
Taxation and social security	-	316,591
Other creditors	-	1,791,554
Accrued liabilities and deferred income	1,154,701	-
Total	1,959,754	3,123,201

7.	Parent-subsidiary relationships
	During the year the company was acquired by Zero Imprint Limited who became the immediate parent company. The ultimate parent company is Abatable, Inc. a company registered in the USA with its registered office situated at 251 Little Falls Drive, Wilmington, New Castle, DE 19808. The immediate parent company is exempt from preparing consolidated financial statements under Section 399(2a) of the Companies Act 2006, therefore the results of the company are not included in any consolidated financial statements for the group. The directors consider there to be no ultimate controlling party.

Parent-subsidiary relationships

During the year the company was acquired by Zero Imprint Limited who became the immediate parent company. The ultimate parent company is Abatable, Inc. a company registered in the USA with its registered office situated at 251 Little Falls Drive, Wilmington, New Castle, DE 19808. The immediate parent company is exempt from preparing consolidated financial statements under Section 399(2a) of the Companies Act 2006, therefore the results of the company are not included in any consolidated financial statements for the group.

The directors consider there to be no ultimate controlling party.